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Business / Markets

China facing up to 'deepwater area' reforms

(Xinhua) Updated: 2014-07-01 17:36

Streamlining administration 

An administrative overhaul is among the most outstanding agendas of the reforms. In March, the State Council, or China's Cabinet, vowed to abolish or delegate another 200 administrative approvals to governments at lower levels, following the 416 last year, and published a list of 1,235 administrative approval items under 60 central government departments.

The government's "self-reform" is also under way at provincial or municipal levels. The developed, eastern province of Zhejiang last week published a list of administration items, cutting them down from 12,300 to about 4,200 items. Other provinces or municipalities, including Guangdong, Tianjin, Shanghai and Xinjiang Uygur Autonomous Region, have published similar lists.

"In terms of administration reforms, strong efforts have been made at the central level and remarkable progress has also been achieved at the local level," said Xu Yaotong, professor of political science with the Chinese Academy of Governance.

Some moves have "touched sore spots and vitals, boosted market vitality and released reform bonus," said the academic.

Indeed, the reforms have pushed the development of small enterprises. From March to May, the country's registered new market entities reached 3.2 million, an increase of 25.8 percent year on year, with the total registered capital doubling to hit 5.32 trillion yuan, show statistics from the National Development and Reform Commission, the country's top economic planner.

China facing up to 'deepwater area' reforms

China facing up to 'deepwater area' reforms

Starting now, bank loans easier to get  Forex deposit rate caps lifted
 

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